KB Kookmin Bank to Waive Fees for IRP Customers with Over 50 Million Won in Deposits

KB Kookmin Bank announced on August 14 that it will revise its fee structure for individual retirement pension (IRP) accounts in October.

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First, customers who sign up for an individual IRP through non-face-to-face channels and have an account balance of 50 million won or more will be fully exempt from the previously charged annual fee of 0.38% on the retirement benefit portion. For customers with less than 50 million won, the fee will be reduced from the current 0.45% to 0.2%.

Customers who sign up through non-face-to-face channels will automatically receive the fee reduction benefit without any separate application. Existing customers who opened an individual IRP at a branch can also receive the same benefit by applying through the KB Star Banking app.

In addition, KB Kookmin Bank will launch its 'MyData-Linked Retirement Pension Portfolio Asset Management Service' in October. This service will focus on a goal-based investment (GBI) approach, setting investment objectives according to each customer's retirement plan, diagnosing their current status, and then providing personalized investment strategies and product recommendation solutions.

A KB Kookmin Bank representative stated, "We will continue to do our best to further increase the actual returns of our retirement pension products."

Meanwhile, KB Kookmin Bank has ranked first in the financial sector for individual IRP account balances for 15 consecutive years, according to the Korea Federation of Banks. As of the end of the second quarter of this year, the one-year return on principal non-guaranteed individual IRP products was 7.44%, ranking second among commercial banks.

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